Agent-led company buys Gathering Shops

BUYER: The Gathering Shops of Naples LLC (principal: Paul Cestaro), Naples

SELLER: Border State Ban

PROPERTY: 5584 19th Court S.W., Naples

PRICE: $1.26 million

PREVIOUS PRICE: $1.51 million, April 2005

TITLE FIRM ON DEED: Sunbelt Title Agency, Naples

PLANS, DESCRIPTION: A limited liability company led by Paul Cestaro purchased the 12,920-square-foot The Gathering Shops neighborhood retail center for $1.26 million.

The price equated to $98 per square foot.

Built in 2006, the development features 11 retail or office units.

Cestaro, who owned and ran a real estate brokerage office in New York City for several years, is now an associate with the Naples office of Coldwell Banker Commercial NRT.

The formerly bank-owned property was purchased as an investment.

Cestaro declined to comment on the acquisition.

According to a recently verified LoopNet listing, the center is fully occupied.

The purchase entity The Gathering Shops of Naples LLC mortgaged the property to Boundary Waters Bank for $862,500.